Bitcoin is the world’s leading cryptocurrency in terms of value and popularity. If you’ve decided to join the Bitcoin ecosystem, then you’ll need a wallet known as a Bitcoin wallet and ideologically similar to physical wallets.
A Bitcoin wallet is a software application that enables users to store coins as well as send and receive payments.
With so many Bitcoin wallets out there, choosing the best Bitcoin wallet for beginners or even for blockchain pros in 2024 is never going to be an easy task.
After meticulous research, some wallets have been selected for this post based on variables such as simplicity and ease of usage for non-technical users, cost-effectiveness and other features.
One of them will eventually emerge as the best Bitcoin lightning wallet for beginners this year.
How Bitcoin Wallets Work
Bitcoin wallets work through a pair of cryptographic keys: a private key and a public key. A private key is like a personal and secret account password that ensures only you can access your wallet.
In contrast, your public key is like your bank account number which you can make available to others.
Upon creating your Bitcoin wallet account, you’ll also be assigned a seed phrase.
Like a private key, this seed phrase is also akin to a password and will help you recover access when it is lost or damaged.
Types Of Bitcoin Wallets
Bitcoins have been classified into various types based on different criteria. For example, one classification based on internet connectivity distinguishes between hot and cold wallets and their subdivisions.
- Hot wallets include desktop wallets, mobile wallets and web-based wallets while cold wallets are groped into hardware wallets and paper wallets. In simple terms, a hot wallet is associated with constant internet connectivity while a cold wallet is associated with offline accessibility. Hot wallets are said to offer quicker access to digital assets via the internet but at the risk of cyberattacks.
- In contrast, cold wallets may not enjoy the perks offered by an internet connection but they do not face the risk of cyberattacks. This makes them the choice of those who want peace of mind from cybersecurity challenges.
But, there’s yet another classification of wallets based on the storage of private keys. This perspective differentiates between custodial and non-custodial wallets.
If you own a custodial wallet, then your private key will be stored by a third party, for example, a crypto exchange or a Bitcoin wallet company.
This is not the case with a non-custodial wallet where the private key is not under the custody of any third party but rather in the possession of the wallet owner.
However, for the wallet owner, keeping the private key comes with the added responsibility of ensuring that both the key and their coins are safe and secure. This would have been the duty of the third party under a custodial arrangement.
These distinctions are necessary because they can influence your choice of a Bitcoin wallet.
Bitcoin Lightning Wallets
A Lightning wallet is a type of Bitcoin wallet, meaning that you can also use it to store tokens as well as make and receive payments.
But the word Lightning arises because the transaction takes place over the Lightning Network (LN) which is a second-layer solution sitting on top of the Bitcoin blockchain.
The Bitcoin Lightning Network is popular because it facilitates instant Bitcoin transactions at lower costs.
Why does Bitcoin Lightning matter? Ordinarily, Bitcoin is capable of only about seven transactions per second. Mastercard and Visa can process 5,000 and 24,000 transactions per second respectively.
The Lightning Network is ahead of both the above-mentioned processors. It is said to boast up to one million transactions per second, making it easily the fastest.
How To Create A Bitcoin Lightning Wallet
If you are serious about using Bitcoin and other cryptos, then understanding how to get Bitcoin wallets created is an absolute necessity.
It is your wallet that will hold both your private and public keys which serve as proof that the tokens are your own. Here are the steps you’ll most likely follow:
- Choose your preferred wallet type
- Create your account, purchase the hardware device or download/install the software needed
- Implement security measures, including having a recovery phrase
- Start performing Bitcoin transactions, for example, buying Bitcoin
Contenders For The Best Bitcoin Lightning Wallet For Beginners In 2024
One of the wallets below emerged as the best Bitcoin lightning wallet for beginners in 2024. As noted before, this outcome is based on in-depth research. They are all Lightning-based wallets because of the perks of the network.
Muun
If you are on the lookout for a simple non-custodial mobile wallet that offers strong security and enables you to monitor transactions in real time, then Muun is the ideal wallet for you.
The Google Android and Apple iOS-compatible comes with a streamlined user interface that ensures the easy sending and management of your funds.
Muun is also designed with a mempool-based fee estimator capable of providing more precision when it comes to predicting transaction costs. The Bitcoin wallet can cope with complex scripts like multi-sig, lightning and taproot.
Its multi-signature technology and hierarchical deterministic (HD) wallet architecture ensure the utmost protection for your funds.
In addition, there’s the cold recovery code method and multi-factor authentication to help create a backup in order to have safe access to your wallet should you replace your phone.
If your phone is stolen, can lock your wallet until you buy another phone. Muun does not require KYC verification.
Speed Wallet
Another strong contender for the best lightning wallet for beginners in 2024 is Speed, a custodial wallet that its creators say has both hot and cold tendencies.
It is designed to enable real-time Bitcoin transactions that are secure and fast. This end-to-end encrypted wallet includes an advanced feature through which you can withdraw your Bitcoin wallet balance to other third-party wallets.
You can also easily make payments by creating QR codes or links. Speed is a cost-effective wallet that charges miners a small network fee and no extra transaction fees.
It shares compatibility with a host of platforms and is compliant with regulations all over the world, including the protection of user data. There’s also a program that rewards users for making payments to their friends, buying groceries or paying for an online game.
Speed is available in both Android and iOS. Speed users in the US must undergo KYC verification to ensure compliance.
Zap Wallet
Zap is a non-custodial Bitcoin wallet available in Android, iOS, Windows, macOS, and Linux. Some describe it as advanced and complex but has some user-friendly qualities.
It is a very secure wallet with lots of features that ensure the safety of your funds. No registration and KYC are required to use the app.
Its Strike feature enables users to purchase BTC on the Lightning Network as well as connect to a debit card for the payment of Bitcoin bills.
With Zap, you can connect to your existing Lightning node and create and control any number of wallets you like, all in one place. A Full node and Tor support are expected in the future.
Wallet of Satoshi
The Wallet of Satoshi (WoS) is a zero-configuration custodial mobile wallet compatible with Android and iOS. It is highly secure and comes with a user-friendly interface that makes it easy to use.
Creating an account and undergoing a KYC is not required before downloading and using the Wallet of Satoshi.
Users can buy Bitcoin directly from the app in over 160 countries. There is also a scan-to-pay feature as well as a top-up option that allows users to either send BTC from an exchange or purchase it directly via the app.
Phoenix
Phoenix is a non-custodial Bitcoin wallet developed by ACINQ. It comes with some quality features that put it in contention for the best Bitcoin Wallet for beginners in 2024.
Not only does Phoenix enable faster processing times for transactions but also makes for enhanced privacy and full control of your coins. The need for intermediaries is eliminated since users can directly link up with each other.
However, users may not find the Phoenix interface as intuitive as that of Muun. Additionally, its security features are strong but not as comprehensive as some others.
You can use Phoenix on Android and iOS devices. No KYC requirements are needed to own a Phoenix wallet.
Conclusion
So which is the best Bitcoin lightning wallet for beginners in 2024? Well, the answer is not easy but it is em,…… Muun. Its simple interface will help a learner gradually assimilate the fairly technical world of Bitcoin and other cryptocurrencies.
That is not to say that the others are difficult to use, but Muun just edges its closest rivals with its cute interface and other nice features.
Note that the wallet chosen as the best Bitcoin wallet for beginners in this post is not binding on readers but is meant to offer insight.
FAQs
Why Is A Bitcoin Wallet Necessary?
A Bitcoin wallet will help you store your Bitcoins safely and transact with them securely.
What Should I Consider Before Choosing A Bitcoin Wallet?
Your choice should be based on your needs and preferences. For instance, you may consider a custodial Bitcoin Lightning wallet if you prioritize speed and lower fees. It is also very important to research the various wallet options before deciding on one that suits you most.
What Are Some Protective Measures For A Bitcoin Wallet?
Use recommended security measures. For example, a strong unique password, and two-factor authentication. Make sure your software and digital devices always have the latest updates installed.
What Is A Bitcoin Wallet Address?
A wallet address is a unique identifier that enables the sending and receiving of cryptos. It is generated from a public key and is vital for interacting with blockchain networks.
